TechnoMeter

The near-term USD/JPY candlestick version makes it look as though a head and shoulder pattern may be in the offing. After all the current climb seems to be losing momentum already, before it gets anywhere near the previous peak of 114.72. And it’s losing momentum just about exactly where the putative first shoulder was made. Should the second be confirmed by a marked move lower from current levels then the entire climb up from September’s lows in the 107 region could be in some jeopardy.



It’s also worth looking at the range which has essentially contained USD/JPY all year. To be sure it is broad, taking the pair from the 107-region up to the 114s. But it has endured through all of 2017’s fundamental twists and turns and it is probably safest to assume that it still does, in the absence of clear evidence to the contrary.

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